The Greens have urged Labor to commit to winding back tax handouts for rich property investors at the upcoming minibudget, saying fixing the CGT handout would help bring soaring housing prices under control, and be a massive Christmas gift for renters and first homebuyers. <\/p>\n\n\n\n
Experts say the capital gains tax discount pushes up house prices, as it encourages speculation by wealthy property investors, enabling them to bid further against would-be first homebuyers.<\/p>\n\n\n\n
The government has previously modelled changes to the CGT discount, and momentum for change is growing. <\/p>\n\n\n\n
The Greens have established two Senate Inquiries which will put the unfair tax handout in the firing line – one on intergenerational housing inequality in Australia; and one focused solely on the CGT discount itself, which reports in March. <\/p>\n\n\n\n
With the Treasurer flagging that this MYEFO may be one forcing hard choices, the Greens say there is no excuse for winding back supports for everyday people while leaving wealthy investors untouched. <\/p>\n\n\n\n
Sen. Larissa Waters, Australian Greens Leader & Climate spokesperson said:<\/strong><\/p>\n\n\n\n \u201cThe best gift for any renter this Christmas is a fix to the utterly cooked housing market. Millions of people have given up on the prospect of ever owning their own home.<\/p>\n\n\n\n \u201cWealthy property investors get a leg-up from the government at auction, which supercharges house prices and locks first renters and homebuyers out.<\/p>\n\n\n\n \u201cLabor must use next week\u2019s mini budget to announce that the free ride for wealthy property investors is over.\u201d<\/p>\n\n\n\n Sen. Nick McKim, Greens Treasury spokesperson said:<\/strong><\/p>\n\n\n\n \u201cThe CGT discount is turbo-charging wealth inequality and intergenerational inequity. 50% of the benefit goes to the top 1% of income earners, and 71% of the benefit goes to people over 50.\u201d<\/p>\n\n\n\n \u201cIt means that people who work to earn a living are paying twice the tax than someone making the same money flipping investment properties.\u201d<\/p>\n\n\n\n \u201cLabor can\u2019t continue to hand over billions in tax breaks for wealthy property investors that are locking first home buyers out of the market, then claim at MYEFO that there\u2019s no money to help renters.<\/p>\n\n\n\n \u201cThere\u2019s no better time to commit to change. Ending the era of property hoarding would help renters, first homebuyers and the national budget, and be the talk of every Christmas lunch.<\/p>\n\n\n\n \u201cIt shouldn\u2019t take the Ghost of Christmas Future for Labor to see that this unfair measure has got to end.\u201d<\/p>\n\n\n\n Sen. Barbara Pocock, Greens housing spokesperson said:<\/strong><\/p>\n\n\n\n \u201cEvery year, wealthy property investors wake up to billions of dollars worth of gifts under the Christmas tree, while renters and first homebuyers get lumps of coal. That needs to end next week.<\/p>\n\n\n\n \u201cLabor\u2019s unfair tax breaks for wealthy property investors are fuelling the housing crisis by turbocharging speculative investment while locking renters and young people out of home ownership.<\/p>\n\n\n\n \u201cWith house prices forecast to increase by 9 percent next year after soaring 6 percent% this year, there\u2019s no time to waste.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" The Greens have urged Labor to commit to winding back tax handouts for rich property investors at the upcoming minibudget, saying fixing the CGT handout would help bring soaring housing prices under control, and be a massive Christmas gift for renters and first homebuyers. Experts say the capital gains tax discount pushes up house prices, … Continue reading “MYEFO the time for Labor to back investor tax shift: Greens”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-36568","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/36568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=36568"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/36568\/revisions"}],"predecessor-version":[{"id":36569,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/36568\/revisions\/36569"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=36568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=36568"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=36568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}